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Cash values in a whole life policy are called

Nonforfeiture values

If an insurer is eligible to invest assets from it separate accounts what percentage of those assets may be invested in a single company

10%

Which of the following is not true reguarding a deferred annuity

Income payments begin within one year from the date of purchase

In mass how often are a license required to complete continuing education requirements ?

Every 36 months

An insurance adviser license may be issued to a corporation if the majority of the officers of the corporation are

Found by the commissioner to be in all respects qualified licensed advisors

Variable insurance and variable annuities are regulated by

Sec, finra, & department of. Insurance

Which of the following indicates the person upon whose life the annuity income amount is determined ?

Annuitant

Which of the following would not trigger the payment of accelerated death benefits

Being permanently disabled

Sally set up an individual retirement account that her employer is now contributing to. Her employers contribution are not included in her gross income. What kind of retirement plan is this ?

Simplified employee pension

An individual receives a lump sum inheritance, he'd like to use the money to create a lifetime income since he'll be retiring soon. He purchases an annuity and wishes to receive payments beginning 2 months. What did he buy ?

Single premium deferred annuity

In a deferred annuity the difference between the accumulation value and surrender value is

Surrender charge

What is the uncertainty of chance or loss occurring ?

Risks

What insurance policy generates immediate cash value

Single premium

An insured decided to surrender his whole life policy the cash value at surrender is higher than the premium paid into the policy due to interest. What part of the surrender value would become income taxable

The difference between the premium paid and the cash value

What policy allows owner to skip payment provided there is enough cash value

Universal life

What are unequal amounts that are exchanged between payments & benefits

Aleatory contract

And insured falls down a flight of stairs and sustain a neck injury that reenders him severely disable the insured owns a whole life policy is it possible to include a waiver of cost insurance rider

No it is not possible for this waiver to be included in a whole life policy

J is receiving fixed amount benefit payments from his late wife's insurance policy. He was told that if he dies before all of the benefits are paid the remaining amount will got to the contingent beneficiary. Which settlement option is this ?

Fixed amount

All of the following information needs to be included on an application for life insurance excepts

Health insurance policies in force

Which of the following is true regarding premium in a 10 year level premium policy?

The premium will remain level for ten years

A policy owner fails to pay the premium due on his whole life policy after the grace period passes but the policy remains in force. This is because what provision ?

Automatic premium loan

What part of the internal revenue code allows an owner of a life insurance policy or annuity to exchange or replace their current contract with another contract with out creating adverse tax consequences ?

Section 1035 policy exchange

According to life insurance replacement regulations which of the following would be an example of policy replacement

A policy is reissued with a reduction in a cash value

A person was caught misrepresenting the terms of a policy what time does he face ?

Find up to 1,000$ or imprisionment for 6 months

Which of the following could reduce The amount of the death benefit?

Failure to repay a policy loan

All of the following information needs to be included on an application except

Health insurance policies in force

All of the following are true of the annually renewable term insurance except ?

Prof of insurability must be provided at each renewal

Which of the following would be true of both the fixed period and fixed amount settlement options

Both guarantee that the principal and interest will be fully paid out

Which of the following is the distinguishing characteristic of the interest-adjusted net cost method?

Considering the time value of the money in comparing life insurance costs

Which of the following features of the equity indexed whole Life policy is not fixed

Cash value growth

In order for a business partner to be eligible for a Keogh plan he or she must work full-time and own at least how much of the business

10%

Annuities certain limit the amount paid by the annuity to a certain amount

Period or fixed

An insurance adviser maybe issued to a corporation if the majority of the officers of the corporations are ?

Found by the commissioner to be in all respects qualified license advisers

All of the following are required for hiv testing except

If hiv is present the person can be rated but cannot be declined

Which of the following best represents what is meant by life insurance creates an immediate estate

The face value of the policy is payable to the beneficiary upon the death of the insured

All of the following are true of credit life insurance except

The insured names beneficiary

All of the following are true of group life insurance except

The insureds each own their own contract

How much training related to the business of life settlements must life settlement brokers complete

15 hours every 2 years

If an insured purchases an insurance policy with a large deductible what risk management technique is this

Retention

Johns annuity has accumulated the cash value of 70k of which 30k is from premium payments. He dies during the accumulation phase. What does his beneficiary receive?

70k

Each insurer that sells solicits or negotiates any form of limited line credit insurance must provide to each individual whose duties will include selling soliciting or negotiating limited line credit insurance.

A program instruction that may be approved by the commissioner

All of the following are true of the survivorship policy except ?

The premium is based on the age of each insured

Under which of the following conditions would life insurance proceeds be taxable by the federal government ?

If there is a transfer for value

When an annuity is used to provide savings for the education expense a last in first out arrangement is used what is the last money to go into an annuity

Interest

If a life insurance company uses hiv testing as part of the underwriting when must the applicant be notified ?

Prior to performance test

Which of the following is true regarding pure life annuity settlement option

Provides highest monthly benefit

Which component decrease in decreasing term insurance

Face amount

What is the penalty for impersonation ?

Between 10$ & 100$

An insured decides to surrender his whole life policy the cash value at surrender is higher than the premium paid into the policy due to interest what part of the surrender value would become income taxable

Difference between the premiums paid and cash value

In which of the following scenarios would a producer be allowed to obtain insurance through an unauthorized insurer.

If there are no authorized insurers for a specific type of co weave in this state

An annuitant pays the annuity premium on the 14th of each month. Which best describes this arrangement?

Level

What is the continuing education requirement

Minimum of 60 hours

An insured falls down a flight of stairs and sustains a neck injury that renders him severally disabled. The insured owns a whole life policy is it possible for the policy to include a waiver of cost insurance rider ?

No it is not possible for this wavier to be included in a whole life policy

What is the difference between a straight life policy and a 20 pay whole life policy?

Premium payment period

Jones retirement plan meetsall federal requirements in entitles him to a certain tax benefit as the owner of the plan what term best describes this retirement plan ?

Qualified

Which Nonforfeiture option provides coverage for the longest period Of time ?

Reduced paid up

A situation in which a person can only lose or have no change is what kind of risk ?

Pure

What kind of insurance is a level fixed premium investment based-product that can be described as a combination of a decreasing term insurance & an investment fund ?

Variable life